No. of Recommendations: 0
Hi, We my Hus & I are just starting to dig ourselves out of debt. We have listed all liabilities & Income. (You can guess which we have more of). We know exactly where are money is going & have cut expenses to the point of making our baby cloth diapers & USING them to save the $5.00 a week in disposables. Our problem is Credit CArds. We have 4, Maxed out and we cannot afford to pay them. The phone is ringing every 2 hours with creditors. (Really, I timed it today). The highest one is $2000. (I know we must seem like small fry but its alot of money when you don't have it.) I have been trying to pay the cards off, but it seems that the min just gets it and then of course we are late and the late fee jacks the balance over the Credit limit so we get a over the limit fee. It has been happening this way for the last 3 months. I have not used the card for 1 year. Literally have not charged ANYTHING. Also Interest on the Cards ranges from 19% to 24% plus fees. Lotsa Fees.
We need advice please.
1. I want to cut the cards up, but is there a way that we can STOP the card from accruing interest Each month. So that we can work on paying the Debt.
2. Can I cancel or close an account that has a balance due?
3. Is transfering our card balances to a 5th New card a good idea? Or would it be another slippery slope?
4. I need to pay these cards off but I need to pay what I can afford which is less than the min on the card these days. How can I do this?
Note: I do not want anymore credit cards, and I DO want to pay them off, but we need to eat too. I am considering selling my belongings (Ha - a Bedroom Set & Couch) and getting a second job to swing it, but I do not know how to deal with CC companies. Yes I am SCARED, and I know its chicken, but these people make my stomach ache & I want just to throw up when the phone rings. HELP HELP HELP> PLEASE give Advice. We want OUT....
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